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By Samuel R. Avro on Dec 10, 2008 with no responses

Colder Temperatures Push Natural Gas Higher


Natural gas gained for a second consecutive day in NYMEX trading as colder temperatures making their way towards the Northeast is expected to increase demand.

The weekend forecast is looking like it’s going to be bitter in the greater New York area, with rain, snow and sleet expected.

Natural gas futures for January delivery rose 10.9 cents, or 2 percent, to close at $5.688 per million British thermal units on the New York Mercantile Exchange.

The next government weekly storage report is due out tomorrow at 10:35 a.m. EST. According to analysts surveyed by Bloomberg, inventories are expected to have dropped by 85 billion cubic feet.

Earlier this week, natural gas futures had reached a 15 month low largely due to the global financial crisis causing sharp drops in demand for the fuel.